Ethereum Price Up by 1.1% – Time to Buy ETH Coin?
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- The second-biggest cryptocurrency in the world has shown a growth of about 408% in 2021.
- Ethereum made another effort to break beyond the $3,850 barrier.
- A break below $3,740 might push the stock towards the important $3,680 support.
On Wednesday, Ethereum is trading with a slight bullish bias at the 3,803 level. The day before, ETH/USD closed at $3790.83 after placing a high of $3888.86 and a low of $3714.78. On Tuesday, ETH/USD reversed its course and recovered most of its previous losses amid the improved market sentiment. According to the Chief Product Officer at Coinbase, Sorojit Chatterjee, Ethereum will be at the forefront of Web3 and the crypto-economy as it scales.
With growing interest in blockchain and crypto as a whole, this might be a good opportunity to buy Ethereum and rise with the market.
Investors’ optimism has helped Ethereum.
Many investors believe that with the start of the new year, the performance of ether will improve more in 2022. The second-biggest cryptocurrency in the world has shown a growth of about 408% in 2021, which makes it one of the best-performing assets of the year. The coin has started this year on a positive note. Investors are more hopeful for ETH as many upgrades are coming to the network, most notably related to scalability. It’s expected to improve the functionality of the whole network. These hopes have been keeping ETH/USD on the upside in the event of consolidated market sentiment.
Stats from the WhaleStats cryptocurrency tracker on Ethereum
The WhaleStats crypto tracker has recently published statistics on many ETH whales, among the 1,000 largest ones, who recently scooped up a considerable number of LINK and four million Polygon MATIC tokens. Furthermore, according to Whale Alert, 500,000 LINK were just transferred between an unidentified wallet and the Binance exchange.
$21.7 million in LINK was acquired by ETH whales.
According to WhaleStats, ETH whales ranked second, 99th, and 35th have completed eight large transactions, capturing a whopping 838,229 million LINK tokens valued at $21,718,997 at the time of writing. The whale, ranked 35th on the WhaleStats list of top ETH holders, executed six transactions. The second-largest Ethereum whale made the greatest purchase here 15 hours ago, purchasing 199,999 LINKS (worth $4,693,999).
Other significant purchases were 127,999 LINK by the 35th largest ETH whale, followed by 155,110 LINK tokens and 130,010 LINK. This crypto holder’s other transactions totaled 50,000–60,000 LINK. LINK currently occupies the highest place in terms of USD value, with a total sum of LINK in USD kept here of $46,096,096. This accounts for 11.47 percent of the total ERC-20 holdings at this address.
The second-ranked whale prefers FTT as the largest token in terms of USD value, owning $1,678,755,710 of it (42.33 percent of their total crypto holdings). Only $52,870,300 in USD and 1.33 percent of its crypto assets are held by LINK.
MATIC continues to be purchased by ETH whales.
WhaleStats also publicized the purchase of MATIC by two whales. One of them ranks third among the top 1,000 ETH whales, having purchased 2,000,000 MATIC tokens worth $4,840,000. On the WhaleStats scale, the second whale is ranked 296th. They bought a comparable number of MATIC: 2,005,641, for a total of $4,813,538.
Daily Technical Levels
Support Resistance
3707.46 3881.54
3624.08 3972.24
3533.38 4055.62
Pivot Point: 3798.16
Ethereum technical outlook – Double top pattern extend resistance at $3,800
Ethereum made another effort to break beyond the $3,850 barrier. ETH soared beyond $3,880, but there was no further upward movement. Before the downside reversal, a high was formed near $3,891. The price has dropped below $3,850 and $3,820. Furthermore, the price fell below the 50% Fib retracement level of the upward run from the $3,681 swing low to the $3,891 high. The bulls, on the other hand, were active near the $3,750 level and the 100 hourly simple moving average.
It found support near the 61.8 percent Fib retracement line of the upward run from $3,681 to $3,891.On the hourly chart of ETH/USD, a key bullish trend line is forming with support near $3,800.
The price of ether is currently trading above $3,800 and the 100 hourly simple moving average. At or near the $3,850 mark, there is instant resistance. The next significant resistance is located near $3,880. A decisive break above $3,880 might propel the market beyond $4,000. Any further rise might push the price up to $4,120. The next major resistance is near $4,250.
Is there a downturn in ETH?
If Ethereum does not begin a new upward trend over $3,850, it may continue to fall. On the downside, an early support level is near $3,800. The first major support is already emerging at about $3,740. In the short term, a break below $3,740 might push the stock towards the important $3,680 support. The next big support is around $3,600.
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